Garmin Ltd.

(New York Stock Exchange)
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Slightly Bullish +15

Assenagon Asset Management S.A. Has $30.52 Million Position in Garmin ...

AI-generated analysis

πŸ“ˆ Assenagon Asset Management raised its Garmin stake by 98.3% to 131,568 shares worth $30.5 million in Q1.

πŸ“Š SG Americas Securities LLC increased its position by 192.8%, holding 506,273 shares valued at $117.46 million.

πŸ“‰ Wall Street Zen downgraded Garmin from 'buy' to 'hold', while Zacks Research also cut the rating to 'hold'.

πŸ“ˆ Morgan Stanley set a $249 target price and Tigress Financial upgraded the stock to 'strong-buy' with a $325 objective.

πŸ’° Garmin reported Q1 EPS of $2.08, beating analyst estimates of $1.84 by $0.24.

πŸ“ˆ Revenue reached $1.75 billion, surpassing the $1.72 billion consensus and growing 14% year-over-year.

πŸ“‰ Net margin stood at 23.26% with a return on equity of 20.07% for the quarter.

πŸ’Ό Director Joseph J. Hartnett sold 643 shares for $169,475 in a June transaction.

πŸ’Ό CFO Douglas G. Boessen sold 2,000 shares for $475,820 in a June transaction.

πŸ“‰ Institutional ownership of Garmin stands at 81.6% as of the latest SEC filings.

πŸ“ˆ The stock trades with a market cap of $44.94 billion and a PEG ratio of 2.78.

πŸ“Š Current consensus analyst target price is $269.40 based on a 'Moderate Buy' rating.

Bullish Signals
  • Garmin beat quarterly earnings expectations with EPS of $2.08 versus the $1.84 consensus estimate.
  • Revenue grew by 14% year-over-year to reach $1.75 billion, exceeding analyst forecasts of $1.72 billion.
  • Assenagon Asset Management significantly increased its investment in Garmin by 98.3% in Q1.
  • SG Americas Securities LLC boosted its stake by 192.8%, indicating strong institutional confidence.
  • Tigress Financial upgraded the stock to a 'strong-buy' rating and raised the price objective to $325.
  • The company maintains healthy profitability with a net margin of 23.26% and ROE of 20.07%.
Risk Factors
  • Wall Street Zen downgraded Garmin from 'buy' to 'hold', signaling caution on current valuation or growth prospects.
  • Barclays reduced its target price from $240 to $238 and set an 'equal weight' rating.
  • Zacks Research downgraded the stock from 'strong-buy' to 'hold' in a recent report.
  • Director Joseph J. Hartnett sold 643 shares, reducing his position by 2.93%.
Full Analysis
Assenagon Asset Management S.A. significantly increased its position in Garmin Ltd. (NYSE:GRMN) by 98.3% in the first quarter, purchasing an additional 65,209 shares to hold a total of 131,568 shares valued at approximately $30.5 million. Several other institutional investors also adjusted their stakes, with SG Americas Securities LLC boosting its position by 192.8% and Faithward Advisors LLC increasing its stake by 69.2%, while HHM Wealth Advisors and Krilogy Financial also raised their holdings. Analyst sentiment regarding Garmin remains mixed following recent quarterly earnings. While Morgan Stanley set a $249 target price and Tigress Financial upgraded the rating to 'strong-buy' with a $325 objective, Wall Street Zen downgraded the stock to 'hold', Barclays cut its target price slightly, and Zacks Research also issued a downgrade. The consensus rating is currently a 'Moderate Buy' with an average target price of $269.40. Garmin reported strong financial performance for the quarter ended April 29th, posting earnings per share (EPS) of $2.08 against a consensus estimate of $1.84 and revenue of $1.75 billion versus expectations of $1.72 billion. Revenue grew by 14% year-over-year, driven by growth in consumer fitness wearables, automotive navigation, and aviation avionics markets. The company maintains a market capitalization of $44.94 billion with a PEG ratio of 2.78. Recent insider activity includes Director Joseph J. Hartnett selling 643 shares for approximately $169,500 and CFO Douglas G. Boessen selling 2,000 shares for about $476,000 in late June transactions. Despite these sales, insiders collectively own 15.38% of the company's stock. The stock recently opened at $233.02, trading above its 200-day moving average but below its 50-day average.